Vice-President’s Communiqué€¦ · Day & Date: Wednesday, 3rd December 2008 Speaker: Ashu Suyash, Chartered Accountant Managing Director and Country Head — India, Fidelity International

BCAS Newsletter, November 2008 1

President : Anil Sathe, 24367693; Vice-President : Ameet Patel, 66178000; Hon. Secretaries : Pradip Thanawala, 22694248; Mayur Nayak, 26831199; Hon. Treasurer : Deepak Shah : 22420089

PROGRAMMES

AT

A

GLANCE

7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020. Tel. Nos. : 66595601 to 05; Fax : 66595606 E-mail : [email protected]; Website : www.bcasonline.org

Vice-President’s Communiqué . . ✍

Day & Date : Wednesday, 19th November 2008Speaker : P. R. Ramesh, Chartered AccountantSubject : Convergence to IFRS — Challenges and

Strategies

Day & Date : Wednesday, 26th November 2008Speaker : Dilip V. Lakhani, Chartered AccountantSubject : Survey — Legal, tax and accounting aspects

— Assessment implications

Day & Date : Wednesday, 3rd December 2008Speaker : Ashu Suyash, Chartered Accountant

Managing Director and Country Head — India,Fidelity International

Subject : Dealing with Financial Crisis and Volatility

*Fellowship over a cup of tea at 5.45 p.m.

Lecture Meetings*Venue : 4th floor, IMC, Churchgate, Mumbai-400020.

Time : 6.15 p.m. (unless otherwise specified)

Dr. CA X.Y. Zee ........................................................................................................................................... 13-12-2008 ...................................................................................................................... 5

Certificate course for Professional Accountant — Batch VII .................................................................... 16-1-2009 ...................................................... BCAS and HR College .......................... 8

P.C.C. & Final C.A. Students’ Education Crash Courses ......................................................................... 3 months from 2-1-2009 .............................. Sydenham College, Churchgate. .......... 10

Why you can’t do without this effective communication and public speaking course .......................... 4,8,11-1-2009, 18,22-1-2009, 1-2-2009 ........ BCAS Conference Room ........................ 3

Seminar on Permanent Establishment (PE) and Attribution of Profits — Recent Developments .......... 9-1-2009 ........................................................ J. W. Marriott, Juhu, Mumbai ............... 3

TDS — e-Learning program .................................................................................................................................................................................................................................................................. 2

Harnessing Talent and Providing Quality Service November 2008Vol. 11 No. 8

Dear Members,

Barack Obama has created history by winning the US Presidential election.His electrifying oratorical skills were on display during his first speech afterbeing elected as the 44th US President. Amid the gloomy economicconditions that most Americans find themselves in right now, Obama’shighly inspiring speech would go a long way in lifting the sagging spiritsof his fellow countrymen. The world will be watching how he grapples withthe frightening downturn in his country’s economy. In the global village thatwe are all living in today, whatever happens in the USA affects othercountries too. Therefore, the importance of this moment in modern historycannot but be highlighted at all levels.

From one President to another. The delegates at the recently heldDiamond Jubilee Conference of the BCAS were privileged to listen to thePresident of the ICAI Mr. Ved Jain. His talk too was very inspiring andfull of positive notes. He shared with us the news about various initiativesthat the ICAI has taken for its members. He exhorted all CAs to believethat the next decade belongs to the accounting profession. The Conferencewas a resounding success with a large number of members and studentslistening with rapt attention to eminent professionals on subjects like IFRS,GST, India as a Tax Haven, the Profession a decade from today andfinally, the current financial crisis. All the speakers were outstanding bothin terms of content as well as delivery. I thank each one of them formaking the Conference a memorable one.

One message that clearly emerged at the end of the Conference was thatCAs have a bright future ahead. We need not worry unduly about theslowdown that the economy is witnessing at present. Yes, this is certainlygoing to affect all of us in terms of higher costs, reduced income andreduced profits. But at the same time, it also offers all of us an opportunityto improve our skills, sharpen our saws and train ourselves better so asto be able to serve our clients/employers better. We have a goldenopportunity to focus on training (both for ourselves and our staff) and onconsolidation and networking. One need not complete only the mandatoryhours of CPE training that ICAI wants us to. We must strive for manymore hours of study and introspection. At the same time, we must also

aim at making a mark in society at large. If the next decade is likelyto belong to the accounting profession, then would it be too ambitiousto think of having a CA as the next Prime Minister of our country ?It’s a dream. And I am reminded of a line from a very famous songthat I used to listen to in my childhood — “Sweet dreams are madeof these, who am I to disagree !”

The BCAS would be more than happy to take a lead in the nation-buildingprocess. If you have any ideas in this regard, please do write to me.

Yours sincerely,

Ameet N. Patel

We have an obligation and a responsibility to be investing in ourstudents and our schools. We must make sure that people whohave the grades, the desire and the will, but not the money, canstill get the best education possible. — Barack Obama

BCAS Newsletter, November 20082

Course fee for TDS module Bombay Chartered Accountants’ SocietyBCAS Members : Rs.3,500 Others : Rs.4,500 7, Jolly Bhavan No. 2, New Mairne Lines, Churchgate, Mumbai-400020Enquire at BCAS for special rates on bulk registrations Tel. : +91-22-66595601 to 05 Fax : +91-22-66595606 E-mail : [email protected]


Chairman : Pinakin DesaiCo-Chairman : Rajesh KothariConvenors : Dhishat Mehta

Nitin ShingalaSushil Lakhani

Why you can’t do without this effectivecommunication and public speaking coursePeople in organisations typically spend over 75% of their time in aninterpersonal situation; thus it is no surprise to find that at the rootof a large number of organisational problems is poor communications.Effective communication is an essential component of organisationalsuccess, whether it is at the interpersonal, intergroup, intragroup,organisational, or external level.

Regardless of who you are and what type of job you currently haveor plan to have, there’s a good chance that one day you will berequired to make a speech in public.

It may be a presentation for your colleagues. It may be a toast at yourbest friend’s wedding. It may be a statement at a community meeting.Whatever the purpose, you need to be prepared for that day.

Of course, even if you’re never called upon to vocalise your own ideasin front of others, learning how to effectively speak in public willincrease your confidence, make you more comfortable with otherpeople, and fine tune your communication skills. Being an effectivepublic speaker gives you the tools to make a difference in yourbusiness, in your community, even in the world.

Public speaking is a skill that everyone needs to learn and not allare born as good communicators. The Human Resource Committeeof the Bombay Chartered Accountants’ Society under the auspices ofAmita Memorial Trust has organised a workshop on Public Speakingand Effective Communication for its members and students. In thisworkshop we will cover the basic process of communication and someof the most difficult communication issues students and members facewhile interacting with other people. This workshop would provideconstructive and effective feedback along with personal performanceappraisal.

The details of the workshop are as follows :

Members Students

Day & Sunday 4-1-2009 Sunday 18-1-2009Date : Thursday 8-1-2009 Thursday 22-1-2009

Sunday 11-1-2009 Sunday 1-2-2009

Time : 9.00 a.m. to 5.30 p.m. (Time is indicative andmay be extended on some days)

Venue : BCAS Conference Room, 7 Jolly Bhavan no. 2,New Marine Lines, Mumbai-400020.

Faculty : Murli Mehta, Nikhil Desai and Vivek Patki.

Fees : Rs.1020 for a Student; Rs.1220 for a Member(including Rs.20 for BCAS Foundation)

Enrolment is restricted to 30 in each category on first-come-first-servedbasis.

Enrolment form is printed on page 12.

Chairman : Rajesh MuniConvenors : Manish Sampat

Aliasgar KherodawalaMukesh Trivedi

Course coordinators : Anil Doshi and Tarun Singhal

Seminar onPermanent Establishment (PE) and

Attribution of Profits— Recent Developments

There has been a growing trend of MNCs (Indian and Overseas) enteringother countries to carry on business or perform services. This trend raisesmultiple issues surrounding the concept of Permanent Establishment (PE).The purpose of the seminar is to understand the key parameters whichhave a bearing on determination of PE and the guiding principles ofattribution of profit to such PEs. The seminar could also discuss therecent judicial pronouncements and the under-current of internationalpractice which have a bearing on these subjects. It would be ourendeavour to allow some interaction at the Seminar.

Day & Date : Friday, 9th January 2009

Time : 9.00 a.m. to 5.30 p.m.

Venue : J. W. Marriott, Juhu, Mumbai.

Fees (each) : Rs.2,000 for membersRs.2,500 for non-members (limited seats)(inclusive of course material, tea, coffee & lunch andRs.20 towards contribution to BCAS Foundation)

Topic Faculty

Determination of PE including Agency andService PE — Overview andRecent Developments Shefali Goradia

Attribution of Profits to PE — Overview andRecent Developments Pranav Sayta

Case Studies on PE and Attribution ofProfits w.r.t. Pharma/Software Industry/FMCG Hitesh Gajaria

Case Studies on PE and Attribution of Profitsw.r.t. BPO/Services Industry/Finance Vispi Patel

Enrolment restricted to 125 participants on first-come-first-served basis.Please enrol early to avoid last minute disappointment.

Enrolment form is printed on page 12.

Enrolment fees are non-refundable.

To respond is positive; to react is negative— Zig Zigler



Accounts & Audit Clinic

Panel of Advisors :

Sanjeev Pandit,Himanshu Kishnadwala and

Jayesh Gandhi

The next Charitable Trust Clinic will be held on Friday, 5thDecember 2008, from 5 p.m. to 7 p.m. in the library roomof BCA Society at New Marine Lines.

Chartered Accountants and Trustees interested in having theirqueries solved are requested to call the Society’s office (Mrs.Mistry on extn. 20) and obtain a prior appointment, latest bynoon on the day of the Clinic. Querists are also advised tobring along relevant papers like trust deeds, audited accounts,etc.

Panel of Advisors :

Ratanshaw Damanwala,Shariq Contractor,Gautam Nayak,

Anil Sathe and Atul Shah

The next Accounts & Audit Clinic will be held on Saturday,6th December 2008, from 10.30 a.m. to 11.30 a.m. in thelibrary room of BCA Society at New Marine Lines.

Persons interested in having their queries pertaining toaccounting and auditing issues solved, are requested to sendthe queries by email to [email protected] one week inadvance and call the Society’s office (Mr. Rajaram onextensions 13 & 21) to obtain prior appointment, at least a daybefore the day of the Clinic. Please note that the Panel willnot answer any queries pertaining to tax issues.

Charitable Trust Clinic

Right to Information ClinicBCAS Foundation operates Right to Information (RTI) Clinic on aregular basis. RTI Clinic is operated by Mrs. Hema Sampat, aresearch scholar on the subject of RTI, Mr. A. K. Asher, Advocate& RTI activist and Mr. Narayan Varma, past President, BCAS.

The Clinic provides help and guidance to BCAS members as alsoto non-members, i.e., all citizens, for making applications under theRTI Act and also assists in resolving any related difficulties on thesubject of RTI.

The RTI Clinic operates on every 2nd, 3rd and 4th Saturdayfrom BCAS’s office — 11 a.m. to 1 p.m.

The next RTI Clinic days accordingly are 22nd November 2008and 13th, 20th & 27th December 2008. Please call the Society’soffice (Ms. Shernaaz) to obtain a prior appointment.

Chairman : Ashok DhereCo-Chairman : Dilip ThakkarConvenors : Mayur Kisnadwala

Nandita Parekh

Dr. CA X.Y. ZeeThe Research Committee is delighted with the response to the aboveannouncement published in the October newsletter. It seems that manyCAs are desirous of pursuing PhD.

We are more than keen to help you in adding one more degree beforeyour name ! With this objective in mind, we have organised a DiscussionForum for Chartered Accountants to understand what it takes to becomea DOCTOR . . . .

Pursuing PhD is a serious commitment and has its rewards. The joy ofstudying in-depth, a topic that you are passionate about, comes with asignificant investment of time and resources and a short-term sacrifice ofthe earning stream. Join us at the first interactive session, details of whichare given below.

Day & Date : Saturday, December 13, 2008Venue : Gulmohar Conference Room, BCASTime : 10.00 a.m. to 2.00 p.m.

Programme :

10.00 a.m. Introduction to the Research Anil Sathe,to Activities of BCAS President10.15 a.m.

Session 110.15 a.m. The ecstasy and agony of Abhijit Phadnisto pursuing PhD — experience11.45 a.m. sharing by Chartered

Accountants who arecurrently pursuing PhD orhave completed their PhD.

Professional opportunities for Dr. Varadraj BapatCAs after completing PhD.

Tea break

Session 212 noon The way ahead . . . . Senior representativeto — presentation by from an academic1 p.m. representatives of academic Institution that offers

institutions explaining the Doctoral studies.pre-conditions and criteriafor registering for PhD.

Open forum — discussion Coordinated by aand exchange of views. member of the

Research Committee

All those who have responded to our first announcement have beenregistered by us for the above sessions. In addition, we would be in aposition to accommodate 25 more persons on a first come first servedbasis. We will not be able to entertain any on-the-spot registrations.Therefore, if you are seriously interested in the subject, do fill in theenrolment form and send it to us. While we will not be charging any feesfor the same, a token voluntary contribution to the BCAS Foundation wouldbe welcome. Enrolment form is printed on page 12.

BCAS 4!"fTRANSFERWPRICING

MANUALVol. 1 &2

(Including OECD TransferPlicingGuidelines)

available at BCASoffice between

10.00 a..m. to 1.00 p.m.2.00 p.m. to 5.00 p.m.

*Postage Rs. 150/- extra

Bombay Chartered Accountants' Society7, Jolly Bhavan No.2, Ground Floor,New Marine Lines, Churchgate, Mumbai 400 020Tel +91-22-66595601-5 Fax +91-22-66595606Email [email protected] URL www.bcasonline.org--- ""' -- ... - -- --.

6 BCASNewsletter,November2008


Contributed byGaurang Gandhi

The Reserve Bank of India has issued 13 Circulars

A.P. (DIR Series) Circular No. 20, dated October 8, 2008

External Commercial Borrowings Policy — Liberalisation

Presently, infrastructure is defined as (i) power, (ii) telecommunication,(iii) railways, (iv) roads including bridges, (v) sea port and airport (vi)industrial parks and (vii) urban infrastructure (water supply, sanitationand sewage projects).

This Circular has expanded the definition of infrastructure. Infra-structure has been defined as (i) power, (ii) telecommunication, (iii)railways, (iv) roads including bridges, (v) sea port and airport (vi)industrial parks (vii) urban infrastructure (water supply, sanitation andsewage projects) and (viii) mining, exploration and refining.


Exim Bank’s Line of Credit (LOC) of USD 64.07 million to MyanmaForeign Trade Bank, Myanmar

Exim Bank has made available, subject to certain terms andconditions, an LOC of US $ 64.07 million to the above Bank, forfinancing eligible goods and services including consultancy servicesfrom India relating to financing of three transmission lines to beexecuted by Power Grid Corporation. Goods and services of the valueof at least 85% of the contract price must be supplied from India andthe balance goods and services (other than consultancy services) canbe procured from outside India.

The last date for opening of LOC and disbursement will be 48 monthsfrom the scheduled completion date of the contract in case of projectexports and June 23, 2014 in case of supply contracts.


Exim Bank’s Line of Credit (LOC) of USD 20 million to MyanmaForeign Trade Bank, Myanmar

Exim Bank has made available, subject to certain terms andconditions, an LOC of US $ 20 million to the above Bank, for financingeligible goods and services including consultancy services from Indiarelating to setting up of an Aluminium Conductor Steel Reinforced(ACSR) wire manufacturing factory in Myanmar. Goods and servicesof the value of at least 85% of the contract price must be suppliedfrom India and the balance goods and services (other than consultancyservices) can be procured from outside India.



Overseas Foreign Currency Borrowings by Authorised DealerBanks — Enhancement of limit

This circular permits AD Category-I banks to borrow funds from their

Head Office, overseas branches and correspondents and overdrafts innostro accounts up to a limit of 50% of their unimpaired Tier-I capitalas at the close of the previous quarter or USD 10 million (or itsequivalent), whichever is higher, as against the existing limit of 25%(excluding borrowings for financing of export credit in foreign currencyand capital instruments).


Deferred Payment Protocols dated April 30, 1981 and December23, 1985 between Government of India and the erstwhile USSR

The Rupee value of the special currency basket has been fixed atRs.65.4398 with effect from September 23, 2008 as against the earliervalue of Rs.63.0186.


Allocation of FII Investment between debt and equity

Presently, Foreign Institutional Investors are allowed to purchase, onrepatriation basis, dated Government securities/treasury bills, listednon-convertible debentures/bonds, commercial papers issued by anIndian company and units of domestic mutual funds and SecurityReceipts issued by Asset Reconstruction Companies either directlyfrom the issuer of such securities or through a registered stock brokeron a recognised stock exchange in India, provided that :

(i) The FII restricts allocation of its total investment between equityand debt instruments (including dated Government Securitiesand Treasury Bills in the Indian capital market) in the ratio of70 : 30;

(ii) If the FII wants to invest up to 100% in dated GovernmentSecurities including Treasury Bills, non-convertible debentures/bonds issued by an Indian company, it will have to form a100% debt fund and get such fund registered with SEBI; and

(iii) The total holding by a single FII in each tranche of schemeof Security Receipts shall not exceed 10% of the issue andthe total holdings of all FIIs put together shall not exceed 49%of the paid up value of each tranche of scheme of SecurityReceipts issued by the Asset Reconstruction Companies.

This Circular has removed the condition mentioned at (i) above, basedon Circular No. IMD/FII & C/33/2007 dated 16-10-08 issued by SEBI,in consultation with the Government of India. As a result, an FII canallocate its total investment between equity and debt instrumentswithout restriction of ratio.


External Commercial Borrowings Policy : Liberalisation

This circular has liberalised ECB policy as under :

(a) ECB up to US $ 500 million per borrower per financial yearis permitted for rupee/foreign currency expenditure for permis-sible end uses under the automatic route.

(b) Requirement of minimum average maturity period of 7 yearsfor ECB in excess of US $ 100 million per financial year forRupee expenditure for permissible end uses by borrowers inthe infrastructure sector has been removed.

(c) Payment for obtaining licence/permit for 3G Spectrum has beenadded as an eligible end use for ECB.



(d) Borrowers can, pending utilisation, keep ECB funds :

(i) Off-shore by investing them in deposits/permitted securities.(ii) With overseas branches/subsidiaries of Indian banks abroad.(iii) In their Rupee accounts with AD Category-I banks in India.

(e) All-in-cost ceilings in respect of ECB borrowings have beenrevised as under :

Average maturity period All-in-Cost ceilingsover 6 months LIBOR†

Existing Revised

3 years and up to 5 years ........................ 200 bps ........ 300 bps

More than 5 years and up to 7 years .... 350 bps ........ 500 bps

More than 7 years ....................................... 450 bps

† for the respective currency of borrowing or applicable benchmark


Trade Credits for imports into India — Review of all-in-cost ceilings

All-in-cost ceilings in respect of trade credits have been revised asunder with immediate effect :

Maturity Period All-in-Cost ceilingsover 6 months LIBOR†

Existing Revised

Up to 1 year ................................................ 75 bps .......... 200 bps

More than 1 year and up to 3 years ...... 125 bps

† for the respective currency of borrowing or applicable benchmark

A.P. (DIR Series) Circular No. 28, dated November 5, 2008

Exim Bank’s Line of Credit (LOC) of USD 30 million to the AfricanExport-Import Bank (Afreximbank)

Exim Bank has made available, subject to certain terms andconditions, an LOC of US $ 30 million to the above Bank for financingpurchase of eligible capital and engineering goods, industrialmanufactures, consumer durables and services and other items fromIndia by buyers in any of the Afreximbank’s Member States.

The last date for opening of LOC and disbursement will be 36 monthsfrom the scheduled completion date of the contract in case of projectexports and March 21, 2012 in case of supply contracts.


Exim Bank’s Line of Credit (LOC) of USD 10.59 million toGovernment of Surinam

Exim Bank has made available, subject to certain terms andconditions, an LOC of US $ 10.59 million to the above Governmentfor financing eligible goods and services including consultancy servicesfrom India relating to purchase from BEL, HAL and Ordinance FactoryBoard by Surinam. Goods and services of the value of at least 85%of the contract price must be supplied from India and the remaining

goods and services (other than consultancy services) can be procuredfrom outside India.

The last date for opening of LOC and disbursement will be 48 monthsfrom the scheduled completion date of the contract in case of projectexports and May 15, 2014 in case of supply contracts.


Exim Bank’s Line of Credit (LOC) of USD 100 million toGovernment of the Democratic Socialist Republic of Sri Lanka

Exim Bank has made available, subject to certain terms andconditions, an LOC of US $ 100 million to the above Government forfinancing eligible goods and services including consultancy servicesfrom India for upgrading of railway line (Colombo to Matara) in SriLanka. Goods and services of the value of at least 85% of thecontract price must be supplied from India and the remaining goodsand services (other than consultancy services) can be procured fromoutside India.

The last date for opening of LOC and disbursement will be 48 monthsfrom the scheduled completion date of the contract in case of projectexports and July 22, 2014 in case of supply contracts.


Exim Bank’s Line of Credit (LOC) of USD 25.5 million toGovernment of Cote d’Ivoire

Exim Bank has made available, subject to certain terms andconditions, an LOC of US $ 25.5 million to the above Governmentfor financing eligible goods and services including consultancy servicesfrom India for (i) Mahatma Gandhi IT and Biotechnology Park, (ii)Fisheries Processing Plant, and (iii) Coconut Fibre Processing Plantin Cote d’Ivoire. Goods and services of the value of at least 85% ofthe contract price must be supplied from India and the remaininggoods and services (other than consultancy services) can be procuredfrom outside India.



Exim Bank’s Line of Credit (LOC) of USD 33 million to theGovernment of Lao People’s Democratic Republic (Lao PDR)

Exim Bank has made available, subject to certain terms andconditions, an LOC of US $ 33 million to the above Government forfinancing eligible goods and services including consultancy servicesfrom India relating to 3 Power Projects in Lao PDR. Goods andservices of the value of at least 85% of the contract price must besupplied from India and the remaining goods and services (other thanconsultancy services) can be procured from outside India.

The last date for opening of LOC and disbursement will be 48 monthsfrom the scheduled completion date of the contract in case of projectexports and August 27, 2014 in case of supply contracts.

†


CUT HERE CUT HERE CUT HERECUT HERE

ENROLMENT FORM

Name : .................................................................................................................................................................................................................................................

Registration Number : ......................................................................................................................................................................................................................

Course in which admission is desired : P.C.C. FINAL (Please tick appropriately)

Residential Address : .......................................................................................................................................................................................................................

............................................................................................................................ Tel. No. (R) : ..................................... E-mail : ............................................

Details of Articleship : Date of Joining : ................................................ Estimated date of Completion : ...................................................................

Name of the Principal : ..................................................................................................................................................................................................................

Name and address of the Firm where articleship is being undergone : .......................................................................................................................

................................................................................................................................... Tel. No. (O) : ................................... Fax No. (O) ................................

Cash/Draft/Cheque No. ........................................................................................ drawn on ............................................................................................. Bank,

dated .......................................................................... for an amount of Rs.1000 is enclosed.

Date : ............................................................ Signature ...............................................................................

Notes :

1. Please send the above form along with cash/cheque/draft drawn in favour of ‘‘BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY’’,to the Society’s office, at the address mentioned above.

2. We propose to have multifarious activities like Elocution Competition, Public Speaking, Self-Development Education Courses, OrientationCourses, etc. for interested students.

3. Members are requested to keep the proforma of this sheet and send the same duly filled in by a new articled trainee after his/her enrolment in their office.

Bombay Chartered Accountants’ Society7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020.

Phone : 66595601 to 05 Fax : 66595606 E-mail : [email protected] Website : www.bcasonline.org

Human Resources CommitteeChairman : Rajesh Muni Convenors : Hiten Shah, Aliasgar Kherodawala, Manish Sampat

“We had joined the Revision Course, which has proved very much helpful to us. We cleared both groups in First Attempt.”— Janhavi Thatte & Komal Jain

P.C.C. & FINAL C.A. STUDENTS’ EDUCATION CRASH COURSES(Jointly with Western India Regional Council of the Institute of Chartered Accountants of India)

For May & November 2009 Examinations1. Courses for :

C.A. P.C.C. C.A. FinalGroup-I — Advanced Accounting Group-I — Advanced Accounting & Financial Management

— Auditing & Assurance— Law, Ethics & Communication

Group-II — Taxation Group-II — Direct Taxes— Cost Accounting & F.M. — Indirect Taxes

(In addition, important topics in — Cost ManagementIT & Strategic Management may be covered at no extra cost.) — MICS

2. Course Co-ordinators : Chandrakant Ruparelia, C.A.; B. C Jain, C.A.

3. Fees : Rs.1000 per student for P.C.C. or Final (Total, and not per subject, including cost of study materials)

4. Timings & Venue : 6.15 p.m. to 8.30 p.m. on weekdays at Sydenham College, ‘B’ Road, Churchgate.

5. Duration : 3 months from January 2, 2009

6. Enrolment : From November 1, 2008

7. Faculty : Eminent personalities possessing rich experience in their respective fields.

For further informaion, kindly contact C. Ruparelia on Phone 66595601 to 05 during office hours at BOMBAY CHARTEREDACCOUNTANTS’ SOCIETY.


BCAS Publications for Sale

(1) Harmful Tax Competition— An Emerging Global Issue 100 25

(2) CD on the discussions conducted at the39th RRC 2006 by various paper writers 100 20

(3) Audit Checklist for CompaniesFor a member 300 50

For a non-member 350 50

(4) Registration of Firms with RoF

For a member 25 20For a non-member 30 20

(5) International Tax & FinanceConference 2008 (Set of 4 Papers)


(6) Right to Know — The Right to InformationAct, 2005 (Pack of 10 booklets) 50 15

(7) Service TaxBasic Concepts and Procedures 35 20

Goods Transport Agency Services 30 20Business Auxiliary Services

& Business Support Services 30 20

(Revised and Updated up to June 2008)

(8) EPC Contracts — a monograph 200 50

(9) Journal CD — April 2000 to March 2008


(10) Law of Service Tax2nd Edition, September 2008 250 60

(11) Transfer Pricing Manual — 2008 1200 150

Name of the Publication Price Postage(Rs.) (Rs.)

Books / CDs / Papers

Note : Cheque should be drawn in favour of “Bombay Chartered Accountants’Society”, except in case of sr. no. 6, where it should be drawn infavour of “BCAS Foundation”.

elBCAS.comempowered learning

Bombay Chartered Accountants’ Society

Service Tax Course Module

Service Tax Fundamentals

The law of Service Tax is drafted as a stopgap arrangement through the Finance Act,1994. Several fundamental aspects pertaining to the levy are not addressed in the law,for example, the definition of service itself. This module takes you through some ofthe key fundamentals and provides appropriate tools to navigate the complex web ofservice tax law.

Procedural Aspects

“A good tax administered badly is worse than a bad tax administered well.” Such isthe importance of procedural compliances in any tax law. This module takes youthrough the procedural aspects of the levy, so that one is no longer ignorant on thecompliance front.

Valuation of Taxable Services

Warren Buffet has said, “Price is what you pay and value is what you get.” With theintroduction of Valuation Rules, it is vital to understand the meaning of value, becausea loosely drafted transaction structure can sometimes make the venture unviable. Thismodule takes you through a maze of provisions, complex practical issues, to applywhat you learn.

Export and Import of Services

Taxation of cross-border transactions poses significant challenges specially, becauseservices are intangible in nature. Unlike goods, it may be difficult to determine withprecision the place of consumption of service. This module steers you through abumpy ride on the legislative front and gears you up to absorb impending shocksfrom the judiciary or elsewhere.

CENVAT Credit Mechanism

Being a transaction-driven law, an efficient model of input tax credit can avoidcascading effect and substantially reduce costs. However, a less than fully efficientCENVAT mechanism forces businesses to bear a load of indirect taxes. This moduleexplains the nitty-grittys of the credit mechanism so that the burden is as light aspossible. The point to remember is what the government gives, it must first take away.

Analysis of few Important Services

With around 100 services in place, it would be difficult to study all of them. All thesame, some services are special and deserve widespread attention. This moduleexplains a few such services of general applicability across the board. You not onlytake home the provisions pertaining to such taxable services, but also the methodologyto analyse other services.

Don’t Delay, Be First,Service Tax Module Now On-line

TDS Module

Over 35 hours of online training comprising of

➠ Overview, basic concepts, fundamentals➠ Procedure and compliance➠ Detailed analysis for each category of payment➠ Payment to Non-Residents also covered➠ Latest circulars, notifications and case laws➠ Easy access to high-quality, flexible learning materials➠ Learning through cutting-edge technology just a click away

Course fee for TDS module

BCAS Members : Rs.3,500 Others : Rs.4,500enquire at BCAS for special rates on bulk registrations

Don’t Delay, Register Now !Contact details :

Bombay Chartered Accountants’ Society7, Jolly Bhavan 2, New Marine Lines, Churchgate, Mumbai-400020.Tel. : +92-22-66595601/2/3/4/5 Fax : +91-22-66595606 Mail : [email protected]

The highest destiny of individual is to serve ratherthan to rule.

— Albert Einstein


Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Vijay Mudran, Mumbai-400031.

Combined Enrolment Form

Please fill in the above form appropriately and send the same to the Society’s office along with the requisite payment.

Please mention your name and membership number on the reverse side of the local cheque/at par cheque/Demand Draft.

Kindly note that w.e.f. 1-9-2008 the cash counter timings will be from 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. onSaturday. The lunch time is 1 p.m. to 2 p.m. Members are requested to co-operate in this regard.

Name : ...................................................................................................................................................................................................................................................................

Address : ...............................................................................................................................................................................................................................................................

E-mail : ................................................ Mobile : .......................................................... Tel. : ........................................................ Fax : ........................................................

BCAS Memb. No. : ........................... Tel. (O) : ........................................................ Tel. (R) : ................................................. Fax : ........................................................

Cash / Draft / Cheque No. .................................. drawn on ..................................................................................................................................................................... Bank,

dated .................................... for an amount of Rs. ............................................................................... is enclosed.

Date : ............................... (Signature)

wherever applicable

CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE

Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MH/MR/South-88/2006-08Licensed to post without prepayment : Licence no. South-12/2006-08. Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1.

WORKSHOP :

Why you can’t do without 4,8,11-1-2009, Rs.1020 for student ..............this effective communication 18,22-1-2009,and public speaking course 1-2-2009

PROGRAMME :

E-learning Rs.3500 for member .............

Enrolment Form for the Book Lending Facility for C.A. Students

Name : ..................................................................................................................................................................................................................................

Address : ..............................................................................................................................................................................................................................

..............................................................................................................................................................................................................................................

Mobile : .................... Tel (O) : ....................... Tel. (R) : ...................... E-mail : ............................ Student’s Regn. No. with ICAI : .....................

Member’s Name : ........................................................................................................................ Member’s BCAS Registration No. : .........................

(Student’s Signature)

I the undersigned hereby recommend Mr./Ms. .................................................................................................... for availing book lending facilityof the BCAS foundation. I will ensure that the borrowed books are returned within the stipulated period.

Date : ....................... Membership no. ....................... (Member’s Signature)

The BCAS Foundation has started an Academic Book LendingFacility for ‘PE II’ & ‘Final Level’ Chartered Accountancy students.This facility is meant to assist all those students who have in themthe capability to achieve great heights but have not been able torealise their dreams due to constraints.

After consulting various experienced faculties and one to oneinteraction with students pursuing the course, a list of academic booksfor both PE II & Final Level students has been formulated.

The scheme is in force from 15th of February 2008.

Kindly note that only students recommended by the members ofBCAS are entitled for this scheme. This facility is available tostudents of Mumbai, Navi Mumbai and Thane District only.

Students can also access the list of books in the Students’ Corneron the BCAS website (www.bcasonline.org).

Desiring students should immediately approach the Librarian Ms.Madhuri Haware at BCAS Office (l [email protected]/[email protected] or call on 66595601/02/03/04/05 Extn no. 24)for further inquiries. The enrolment form is given below.

BCAS FoundationBook lending facility for CA Students

� � � � � � � �

SEMINAR :

Permanent Establishment (PE) 9-1-2009 Rs.2,000 for members ..................and Attribution of Profits— Recent Developments

COURSE :

PhD for CAs 13-12-2008 NIL .................................................

Certificate Course for Professional 16-1-2009 Rs.3,500 ........................................Accountant

Rs.1220 for member ........... Rs.2,500 for non-members .........

Rs.4500 for non-member .......

Documents

Vice-President’s Communiqué€¦ · Day & Date: Wednesday, 3rd December 2008 Speaker: Ashu Suyash, Chartered Accountant Managing Director and Country Head — India, Fidelity International